'It is time to focus on our economy'

The spurt in the Indian economy, rapid climbing sensex and the recent Indian industrial prominence achieved at the World Economic Forum's annual meet at Davos, may ring bells in the Indian's ears. But before the party ends, India should promptly correct its unsolved economic problems.

Former governor, Reserve Bank of India Bimal Jalan said this while addressing a group of economist and professor of MS University in Vadodara. He was in the city to inaugurate a seminar hall which is dedicated to the former RBI governor and prominent economist late I G Patel.

Jalan said, "With the growing economy, every day seems to be pleasing and satisfactory. Who would have believed, two decade ago, that our foreign reserves will be so high, with speedy economic growth and low inflation!" expressed Jalan. "We had amazing transformation for which we take pride," he added.

"But our memory is short," Jalan said by recalling that in the past whenever Indian economy had been growing, it had also suffered from crises that took place in other parts of the world. Jalan further described, "When something happens somewhere, we experience crises at home".

Jalan doubted that the economic growth which is predicted at present is sustainable or not. He emphasised on addressing some of our basic and inheritance economic problems by saying, "Now we must focus on removing some of the issues when time is good.